Longmont, CO – Essex Financial Group (“Essex”) arranged $13.8M in acquisition financing for the purchase of Front Range Business Park, a two-building, 117,106 SF industrial/flex complex located in Boulder County. Essex worked on behalf of the buyer, Ivy Realty, to source the seven-year, fixed rate loan for the acquisition with a regional bank.
Front Range Business Park is 100% leased to the State of Colorado’s Front Range Community College (“FRCC”), the largest community college in Colorado, on a long-term lease. Built in 1988, the property was originally designed for small bay industrial/flex use and includes 9 dock-high loading doors between the two buildings. It was converted for the school in 2003, where FRCC has been the sole tenant for the past 19 years. The property is ideally situated approximately 25 minutes from Boulder, 40 minutes from Downtown Denver, and 45 minutes from Fort Collins, allowing students to commute from a variety of locations. Front Range Business Park also lies within the Campus at Longmont business park, which is the second largest business park in Boulder County totaling 620 acres.
Essex secured the fixed-rate, non-recourse loan with a regional bank at a competitive interest rate. The loan includes an interest only component with prepayment flexibility to match the Buyer’s business plan.
Essex’s Capital Markets team was led by Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem.
About Essex Financial Group
Essex Financial Group is a commercial mortgage banking firm headquartered in Denver, Colorado, specializing in commercial real estate debt and equity placement. For over 30 years, Essex has helped its clients navigate the capital markets effectively and efficiently to identify the best capital source and structure to meet their needs.
About Ivy Realty
Founded in 1996, Ivy Realty is a Greenwich, CT-based real estate investment, development and management company. Ivy has acquired more than $2.8 billion in assets and currently has a portfolio exceeding six million square feet of industrial, office and residential properties. Ivy invests in value-added investments located in the Northeast U.S., Southeast Florida and Colorado. For more information, visit www.ivy-realty.com.